Federal Court of Australia
JUDGMENT No. oocl tO ott,
CATCHWORDS
Bankruptcy - composition - application to set aside - little benefit to creditors - inference that assets not disclosed in the statement of affairs exist - possibility that substantial sums due to debtor are assets of value - no explanation given in the statement of affairs as to the fate of a profitable
business and its assets - family relationship with the major creditor - terms of composition unreasonable and not calculated to benefit the creditors generally - application granted.
Bankruptcy Act 1966, s.239
Matter No. SX 44 of 1994
Re: ABDO NASSAR; ADVANCE BANK AUSTRALIA LIMITED v ABDO NASSAR, KYM ALBERT WEIR, PETER JOHN BALNAVES, KENNETH W
JOHNS, THOMAS G RODDA, JOANNE SERDARIDIS and MARIO LOMBARDI
VON DOUSSA J ADELAIDE 21 DECEMBER 1994
29 DEC 1994
FEDERAL CouRT oF AUSTRALIA PRINCIPAL REGISTAY
IN THE FEDERAL COURT OF AUSTRALIA
SOUTH AUSTRALIAN DISTRICT REGISTRY GENERAL DIVISION No. SX 44 of 1
) ) ) ) ) ) BANKRUPTCY DISTRICT OF THE STATE OF SOUTH AUSTRALIA )
Re: ABDO NASSAR Debtor
BETWEEN:
ADVANCE BANK AUSTRALIA LIMITED Applicant
AND:
ABDO NASSAR First Respondent
KYM ALBERT WEIR Second Respondent
PETER JOHN BALNAVES Third Respondent
KENNETH W JOHNS Fourth Respondent
THOMAS G RODDA Fifth Respondent
JOANNE SERDARIDIS Sixth Respondent
MARIO LOMBARDI Seventh Respondent
MINUTES OF ORDER JUDGE MAKING ORDER : VON DOUSSA J.
WHERE MADE
ADELAIDE DATE OF ORDER
21 DECEMBER 1994 THE COURT ORDERS THAT:
1. Pursuant to s.239(2) of the Bankruptcy Act 1966 order setting aside the composition under Part X approved at a
meeting of creditors on 13 September 1994.
2. A sequestration order be made pursuant to s.239(4) and to
the creditors' petition presented in action P256 of 1994 against the estate of the debtor.
3. Subject to approval by the Registrar of this Court of a signed consent from Peter Ivan Macks, the said Peter Ivan Macks of Level 14, 26 Flinders Street, Adelaide, be appointed trustee of the estate of the debtor.
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